Profit First: A Simple System to Transform Any Business from a Cash-Eating Monster to a Money-Making Machine. Hardcover – July 4, 2014

If you aren't already a fan of Mike's, this book will win you over.Since reading this book, I've also started listening to the Profit First Podcast, and I can tell you with some degree of certainty that there is a genuine, personal passion from the author on this subject. His goal is to eradicate entrepreneurial poverty, and everything I hear on that podcast backs up this goal.You may be asking yourself how an entrepreneur can be in poverty, but it's actually quite easy and quite common. Entrepreneurs tend to think that if they just make the right investments then magically one day the company will be really profitable. Some entrepreneurs kill themselves (financially) trying to get the right things to happen. They overstaff, they buy shiny new toys to make the company look good, they buy products that would be more appropriate for a company of a larger size. The list of ways a company can go wrong is probably limitless.This book offers an easy-to-enact plan to get your company finances in order. Through a process of allocating percentages of income into various buckets a clearer picture emerges that shows the entrepreneur the way forward. Once you account for your profit, your owner's pay, your tax reserves, etc. you can see how much is actually left to run operations. The amount of focus you gain from having this new perspective is of immeasurable value. Once setup, you know your profit is accounted for, you know your owner's pay is accounted for (you don't need to put all of your money back into your business), your taxes are accounted for (tax time becomes much less stressful), and you can discover the degree to which you may have been frivolously spending on the company. This is how it's supposed to be done. The company is supposed to pay you. Not the other way around.I've heard the stories directly from entrepreneurs via the podcast. Those that had businesses prior to discovering Profit First say in VIRTUALLY EVERY INSTANCE how they were able to discover more financially efficient ways to run their businesses through using the Profit First methodology. The author also demonstrates through the podcast that he is a true student of entrepreneurship offering tips on a wide variety of tough subject entrepreneurs face from pricing to inventory to staffing concerns and other overhead issues. If you don't know everything you need to know about running a business, Mike Michalowicz is a great mentor...even if you never actually speak with him (I have not myself, though I have had an email responded to).

There is nothing more disheartening than working your butt off for YEARS only to find that you have no money left in your biz bank account at the end of the day. This was my story - until I read this book. I've always made good money in my business since starting in 1999 and have been able to pay myself as well - but no matter how much money I made it always seemed to go right back out the door again. Willpower wasn't working, and I was starting to question if all the time and effort was worth it. I read Mike's book in an afternoon at the lake with my kids back in the summer of 2014 and the lightbulb went off - he teaches the SIMPLEST formula to know what to do with your money. Tells you exactly how much money to budget for all aspects of your biz - including Profit! (which I had NEVER put first in my business before.) I setup all my accounts the next day, started following the 10/25 habits and have never looked back.I'd like to say my profits have doubled in the past 1.5 years but really - I never had profit before at all so how do you calculate that? What I can say is that I have a consistent 5-figure balance in a profit account that was never there for the first 15 years of my biz - and it keeps growing each month. More importantly though is the peace of mind - I know feel empowered by my money instead of owned by it.I am 100% wholeheartedly an advocate for the Profit First formula - so much so that I became a Certified Profit First Professional so I could help my clients implement it as well. Read this book today, do what it says and your money woes will change overnight.

Genius. This seemingly simple plan is business changing, and I would also say life changing - the clarity and control that comes from implementing it is unbelievable! Every single business owner should read this.I have a small business, very small so far but it's growing slowly. For the first year I was operating fairly blindly, a couple of bank accounts etc. I always thought I would hire an accountant once it was big enough and it would all magically fall into place. But, that was an uneasy way to do it - never quite knowing what was going on and it was hard to make a proper plan for growth. And the thing is, I didn't know how to do it otherwise.So, after finding this glorious book, everything has changed. I've only just got around to opening the bank accounts (I recommend credit unions by the way, they are very good about no fees and the customer service is so much better than the big guys), and already I feel so in control it's like sailing. I'm really excited about the future :)It makes perfect sense too - read it and you will see what I mean. I highly highly recommend this book to everyone. I bought it first for my Kindle, and have just ordered the hardcover since I find that easier to read and flip through. It may take a couple of reads to get it done. Mike's website also had a resource section with the outline the system, which I recommend to print off after you've read the book and are ready to start.I found it funny too, he has a great sense of humor which helps to make it all manageable and very easy to read. Love it love it. Get it!!!!